Ray Shaw, president of Dow Jones & Co. and the Wall Street Journal, will take early retirement next March for health reasons and will help his sons in their North Carolina publishing firm.
Dow Jones Chairman and Chief Executive Warren H. Phillips will assume Shaw’s title and duties, the company said. Phillips had held the title of president before Shaw was appointed president of the media company in 1979.
Shaw, 54, had been expected to follow Phillips as chairman. Under company policy, Phillips, 62, will not face mandatory retirement until age 70.
“Ray Shaw is an exceptionally talented newsman and business executive and definitely will be missed,” Phillips said in a statement. “He has been a valued partner, colleague and friend for nearly three decades. He has played a major role in setting the company’s course and has been responsible for many of Dow Jones’ most successful ventures. He would have been in line for even greater responsibilities and recognition in the future.”
Analyst James C. Goss of Duff & Phelps in Chicago says the media company has plenty of younger managers who could be groomed to lead Dow Jones in years ahead. “Most officers are pretty young at Dow Jones,” he said. “There is no management problem that I’m aware of.”
Shaw, 54, will move to North Carolina, where he and his wife make their home. For the past several years, Shaw has been commuting home to North Carolina from Dow Jones’ New York offices. The company said Shaw “was anxious to move to North Carolina to spend more time with his family and also to enjoy a somewhat less stressful life, partly in view of some past health concerns.”
“There were no corporate considerations involved in my decision,” Shaw said in a statement.
The 28-year Dow Jones veteran will help his two sons with their North Carolina regional publishing business, “perhaps assisting their expansion through acquisition,” Dow Jones said. Shaw will also work one week a month through the end of 1989 as a consultant to Dow Jones.
Shaw joined the Wall Street Journal in 1960, working as a reporter and editor. He was the first managing editor of AP-Dow Jones, an international news service, and directed the launch of Dow Jones electronic publishing unit in the early 1970s. He was named executive vice president of Dow Jones in 1977 and then president two years later.